Unfortunately AGM has missed the peak of nickel due to their delay. Whilst other producers made a motza when POn was $50K a tonne, AGM were left in limbo. I am seeing too many respected analysts saying nickel will be down below $20K a tonne by 2008 to believe anything else. The LME stockpiles are now 42,000 tonnes and growing rapidly. New mines are coming online including BHP's Ravensthorpe. The demand from China might slow up as well with the US heading for a recession. I will have to revise my forecasts for AGM now and the previous $1.50 target is now out of the question. Markets are fluid and one has to re-assess all the time as fundamentals change.
AGM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
